6 arrested over HK$14m agarwood and crypto investment scam that ran for 9 years
Hong Kong police have arrested six people allegedly tied to a nine-year scam run by a suspected cross-border criminal syndicate offering business opportunities in agarwood and cryptocurrency, with funds involved reaching HK$14 million (US$1.78 million). Superintendent Allan Chu Ming-lun of the commercial crime bureau said on Thursday that investigations began in September after the force received…
Hong Kong police have arrested six individuals accused of participating in a nine-year scam involving agarwood and cryptocurrency investments, resulting in HK$14 million (US$1.78 million) in losses. The operation began in September 2023 after the Commercial Crime Bureau received 21 reports from victims, mostly elderly individuals, who were allegedly defrauded between 2017 and 2023 by the BBB Group (Hong Kong).
The suspects, a Malaysian national and five Hong Kong residents, ranged in age from 52 to 66. The company allegedly offered multiple agarwood and cryptocurrency investment plans, promising high returns, but delayed withdrawals and interest disbursements, causing investors to lose their principal and potential earnings. Police seized HK$540,000 in cash, laptops, mobile phones, and suspected agarwood goods from the BBB Group's Kwun Tong premises.
The investigation also revealed that the firm had connections to other firms in Malaysia and New York, and had introduced various investment plans, including a cryptocurrency called iBBB, which has since lost nearly 100% of its value.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
